FHA Mortgage Insurance

The FHA has been helping American citizens afford houses for themselves and their families for over seventy years. This has been accomplished by offering great benefits through the National Housing Act of 1934. The Act was designed as a way to help Americans afford their homes during the Great Depression when foreclosures were at an all time high. Today, the Act is still in place and has again been helping people afford homes and avoid foreclosure in these unstable economic times.

What is FHA mortgage insurance?

FHA mortgage insurance is an insurance plan on your privately issued loan. The private lender can be anyone from a bank to a savings & loan association to a mortgage company. With the FHA insuring the loan for you, you become a very secure and attractive borrower, and one that private lenders are willing to pass on huge benefits to.

What are the benefits?

One of the greatest benefits of going through the FHA to insure your loan is that you can get a really low down payment on the house. With a conventional loan, the lender can charge anywhere from 5 to 20% for a down payment on the property. The down payment is especially high for borrowers who have poor credit. With an FHA insured loan, even if you have poor credit you may still be able to qualify for a loan with a low 3% down payment on the house. Other great benefits include low interest rates, streamline refinancing and quick approval.

How much can I borrow?

How much you can borrow really depends on two things: your financial situation and the county’s loan limit. Your financial situation includes both your credit score and debt-to-income ratio. Even if you have a less than perfect financial past, the FHA is still willing to work with you to get an affordable loan. You will also need to look at your county’s loan limit, as the FHA sets a maximum amount for each county on how much they will insure.

Where do I start?

You can start today by taking a minute to fill out our secure online form. It’s completely free and has no obligations. We promise to get you the best possible rate for an FHA Loan. Pre-approval has never been easier!

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